UPDATE: Piper Sandler Starts Procore Technologies, Inc (PCOR) at Overweight
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Piper Sandler analyst Brent Bracelin initiates coverage on Procore Technologies, Inc (NYSE: PCOR) with an Overweight rating and a price target of $100.00.
The analyst commented, "Since its founding in 2002, Procore has evolved from a project management tool for the construction industry into an end-to-end vertical cloud platform with 13 products. We are initiating coverage at Overweight and argue a premium valuation is warranted based on: 1) its domain expertise in construction and vertical cloud leadership; 2) compelling growth trajectory with the potential to 4-5x revenue by CY26; 3) a wide-reaching digitization opportunity in the $10T+ construction industry where it has less than 5% penetration; 4) an expanding and differentiated portfolio of 13 products, up from 4 in 2017; and 5) an attractive 80%+ gross margin model. We are establishing a $100 PT based on a target CY26E EV/ FCF multiple of 53x, discounted back 3.5 years at 12%."
Shares of Procore Technologies, Inc closed at $83.99 yesterday.
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